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1 . Kate and Bob formed ICE Corporation. Kate contributed property with a fair market value of $ 7 0 , 0 0 0 and

$1 .$ Kate and Bob formed ICE Corporation. Kate contributed property with a fair market value of $ $70, 000$ and Bob provided $ $70, 000$ cash. Each took a $50 %$ stock ownership in the newly $-$ formed company. What is Kates taxable gain in this situation, if the adjusted basis in the property is $ $20, 000,$ and the company is valued at $ $140, 000 ?$

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